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$SPCX closed at $149.47 despite one of the strongest institutional news days since its listing. Today: • JPMorgan, Morgan Stanley, Bernstein, RBC and BofA all published bullish research. • US 10Y Treasury yield climbed to 4.55%. • Nasdaq sold off. • High-beta Space names underperformed. Today’s price action wasn’t driven by fundamentals. It was driven by higher discount rates, macro pressure and positioning. Tomorrow I’ll watch: • US 10Y yields • DXY • Nasdaq • Whether SPCX can reclaim $150 Conditions, not predictions. $SPCX #SpaceX #AIInfrastructure #MarketStructure #Macro #Bonds

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